Mind Medicine (MindMed) (NASDAQ:MNMD) Coverage Initiated at Leerink Partners

Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a report released on Monday, StockNewsAPI reports. The firm set an “outperform” rating and a $20.00 price target on the stock. Leerink Partners’ price objective points to a potential upside of 266.30% from the company’s previous close.

MNMD has been the subject of several other reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Mind Medicine (MindMed) in a research report on Friday, June 21st. Canaccord Genuity Group cut their price target on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Roth Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, July 24th. HC Wainwright boosted their price target on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, Roth Mkm started coverage on Mind Medicine (MindMed) in a research report on Wednesday, July 24th. They issued a “buy” rating and a $36.00 target price on the stock. Ten analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $25.38.

Mind Medicine (MindMed) Stock Performance

MNMD stock opened at $5.46 on Monday. Mind Medicine has a twelve month low of $2.41 and a twelve month high of $12.22. The firm has a market cap of $392.42 million, a price-to-earnings ratio of -1.86 and a beta of 2.52. The business’s fifty day simple moving average is $6.13 and its two-hundred day simple moving average is $7.69. The company has a quick ratio of 5.92, a current ratio of 5.92 and a debt-to-equity ratio of 0.12.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.18). Analysts predict that Mind Medicine will post -1.27 earnings per share for the current year.

Insider Transactions at Mind Medicine (MindMed)

In related news, insider Dan Karlin sold 6,871 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $41,088.58. Following the completion of the transaction, the insider now directly owns 344,656 shares in the company, valued at $2,061,042.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Robert Barrow sold 19,771 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the completion of the sale, the chief executive officer now owns 545,772 shares of the company’s stock, valued at $3,263,716.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Dan Karlin sold 6,871 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $41,088.58. Following the sale, the insider now owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,994 shares of company stock valued at $173,384 in the last 90 days. 2.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MNMD. SG Americas Securities LLC acquired a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter worth $93,000. Cubist Systematic Strategies LLC increased its position in shares of Mind Medicine (MindMed) by 24.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock worth $256,000 after purchasing an additional 6,890 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Mind Medicine (MindMed) in the 2nd quarter valued at about $197,000. Marshall Wace LLP lifted its position in Mind Medicine (MindMed) by 8.1% in the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock valued at $15,575,000 after buying an additional 161,659 shares during the last quarter. Finally, Tri Locum Partners LP increased its position in shares of Mind Medicine (MindMed) by 0.6% during the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock valued at $2,755,000 after acquiring an additional 2,459 shares during the last quarter. Hedge funds and other institutional investors own 27.91% of the company’s stock.

Mind Medicine (MindMed) Company Profile

Mind Medicine (MindMed) Inc, a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders. The company’s lead product candidates include MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder; and MM-402, a R-enantiomer of 3,4-methylenedioxymethamphetamine, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.